Minnesota Homeowners Premiums Rise Sharply Since 2015
Average homeowners insurance premiums in Minnesota climbed from $1,313 in 2015 to $2,037 in 2023, the largest increase nationally.
Updated on Nov. 5, 2026 in Insurance
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Average homeowners insurance premiums in Minnesota rose from $1,313 in 2015 to $2,037 in 2023, according to reported figures. The state has experienced the largest homeowners premium growth in the country over that period.
Why it matters
Rising premiums increase the annual cost of owning a home for Minnesota residents and reflect higher payouts insurers make for weather-related losses. The figures also highlight how storm damage and repair costs are feeding into household insurance bills across the state.
Average Minnesota homeowners premiums were $1,313 in 2015 and $2,037 in 2023, an increase of about 55 percent. Only 35% of Minnesotans say they understand their homeowners policies.
The players
Minnesota Insurance Task Force
A state task force that recommended strengthening programs to help homeowners pay for improvements, updating building codes for weather-resistant construction, and expanding coverage options for people who struggle to find insurance.
The details
Severe weather, primarily hail and thunderstorms, is a main driver of the premium increase, since insurers' premiums are tied to the losses they pay out. Storm activity has grown and storm damage has become more expensive, while inflation, tariffs and higher labor costs raise repair prices that are passed on to homeowners through premiums.
Timeline
2015: Average Minnesota homeowners premium was $1,313.
2023: Average Minnesota homeowners premium reached $2,037.
Market Dynamics
The task force's recommendations on building codes and improvement funding respond directly to the premium increases documented here. The state's approach focuses on reducing storm-related losses that drive insurer payouts.
Minnesota homeowners who have seen their premiums rise can review their policies, since only 35% of residents report understanding them. Costs for repairs and storm damage are passed through to premiums, so home maintenance and weather-resistant improvements may affect future coverage costs.
The takeaway
Understanding your homeowners policy and the factors behind premium increases can help you plan for rising insurance costs. Reviewing coverage details regularly is a practical step for Minnesota homeowners.
Further reading
Explore more on Insurance to understand how premiums are set and what drives them.
Source note: This article includes information reported by Valleynewslive.
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